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Blockchain enables digital provenance because every transaction that takes place is traceable and cannot be changed or deleted unlike a regular database.
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A normal database doesn’t bring the same provenance because the information in a database can be altered or deleted and is not traceable from the beginning.
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Digital provenance is a great benefit to many businesses because everything used in the products they sell can be traced back to its origin by both the business and the customer to ensure the authenticity of the product.
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Blockchain enables digital provenance because the transactions are on a public ledger available all to view, therefore making it trust less and based on actual verification of transactions.
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A normal database doesn’t bring the same provenance because they are centralised and you need to trust the institution that has control of the database.
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It’s such a great benefit because of its trust less. It will change so many things from supply chain, of businesses knowing the items they are bringing in are authentic, to accounting, businesses saving costs not having to waste time with auditing firms.
- Blockchain enables digital provenance because it’s like a digital stone where any data can’t be erased. We don’t have to trust that something had happen - we can just check it.
- Databases can be manipulated by someone who have the writing permissions so we HAVE to trust that none of manipulation had happend.
- My favorite one is TAXES. It would be great to be able to check (not just trust politicians) what they are doing with our money. For businesses it is great benefit because they can legitimate their products and consumer is able to check if producer is telling the truth about it.
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- Blockchain enables digital provenance by ensuring that data can only be added to the ledger. This means that people can trace the origins of the product all the way to it’s source.
- With normal databases, data can be edited or removed.
- Businesses will appreciate the benefit of digital provenance as it will enable them to prove that their product comes from a trusted source.
The decentralized network, transparency and permanence properties of Blockchains allow them to be used to establish digital provenance of products, people, property and financial transactions. A traditional database is limited in its ability to perform this function because it is centralized and subject to corruption, it is not part of a network so can only provide verification of one aspect of provenance and needs continuous (manual) updating to remain current. A database also has limited accessibility, it cannot be accessed from anywhere instantly. Access is slow and inefficient requiring manual checkers. Digital provenance is real-time and comprehensive (checks all aspects of a person or item’s provenance) enabling fast and efficient verification. I could see digital verification being used to simplify the movement of goods and people around the world by accelerating applications for mundane things like passports, visas, import/export permits which take days while someone checks multiple databases. Digital provenance is fast, efficient, immutable and interoperable reducing friction for businesses and providing verification of authenticity for users.
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Blockchain does this be being a public ledger where all transactions are recorded and therefore can not be removed, thus making it accessible for anyone to verify at anytime without the need to put trust in a third party.
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A normal database is centralized and can therefore be manipulated, data removed or lost through crash of database. Trust has to be given to the database that it is accurate and sound.
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It removes the need to trust any party and encourage more ethical business practices by being more transparent which all helps with businesses operating more efficiently.
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How does blockchain enable digital provenance?
blockchain enables digital provenance because is a permissionless public ledger where a transaction is:
verified by the network
add and not erased
recorded immutably
traceable at any given time (r.t. auditing) -
Why doesn’t a normal database bring the same provenance?
the blockchain is able of real time auditing, a normal database cant merge the accounting with the actual transactions, because they reside in two different entities. the accounting that keep the database need also to be trustable, blockchain is trustless. -
Why is digital provenance such a great benefit to many businesses?
because digital provenance removes trust. when you remove trust from the equation is easy to find the benefits:
customer don’t need to trust your claims, they verify them.
businesses don’t need to trust the claims of their suppliers, they verify them.
businesses don’t need to trust any accountant, they don’t need one anymore.
1.Blockchain enables digital provinance due to its ability to track and trace transactions. This technology will enable auditing posible in realtime making it easier and fater.
2.A normal database doesn’t bring the same provinance because it is not in real time and it’s not faster compared to blockchain technology.
3.Digital provinance is a great benefit to businesses because it will eliminate the cost of engaging Auditors or Audit firms that reply on data from other sources. but with provinance blockchain will put together the Accounting layers with the transactional layers together making audit easir and faster.
- How does blockchain enable digital provenance?
Because Blockchain is like a digital stone or a digital ledger that keeps tracks of all the “going ons” for the need of verification or Audit.
- Why doesn’t a normal database bring the same provenance?
Because a normal database can add or remove datas as and when they like, unlike a blockchain.
- Why is digital provenance such a great benefit to many businesses?
Digital provenance provided a data structure that can’t cheat or duplicate, yet auditable of all transactions and the “going ons”.
- Blockchain can put together the accounting layer and the transaction layer, making all the information available on the decentralized ledger.
2.Normal database is usually centralized and can be manupilated.
3.Businesses can use digital provenance to track and check live true facts about the stuff they buy and sell.
1.How does blockchain enable digital provenance?
Through Blockchain every financial transaction will be audited in real time through multiple layers of accounting that can´t be changed.
2.Why doesn’t a normal database bring the same provenance?
In a normal Database information can be added or removed through the centralisation of the information.
The public ledger makes it impossible to change data because of the different enteties in the system that have to approve the transaction.
3.Why is digital provenance such a great benefit to many businesses?
the trust factor between two enteties in the system is no longer revelant. it saves additional steps in the system and the most important factor: time. Time is money
Homework on Provenance - Questions
- How does blockchain enable digital provenance?
Being that blockchain is in itself immutable and trust less ledger and cannot be altered which then it enables a chain of ownership and has irrefutable evidence that can be tracked back to the beginning of origin.
- Why doesn’t a normal database bring the same provenance?
Most normal databases are centralized and are managed by central authority and at that authorities rule. This also makes very prone to being hacked internally or externally. Igt can also be manipulated by that same central administrator.
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Why is digital provenance such a great benefit to many businesses?
It enables business to focus on what they create and let the blockchain ledger prove trust with the information and evidence to their suppliers without a third party.
Blockchain creates transparent supply chains that generate provenance knowledge by allowing all parties involved—including customers—to trace the origin, certify authenticity, track custody, and verify integrity of products.
A normal database cannot do this because it does not offer a transparent, distributed, irreversible ledger of all activity. .
Digital provenance allows tracking to be done in a fast and economically efficient fasion.
How does blockchain enable digital provenance?
Blockchain is OPEN to anyone, anywhere in the world, anytime (24/7) for all people with an internet connection to add or check anything without needing a permission from whom-ever. Nothing can be erased from the blockchain so no need for trust. It is decentralised, spread out all over the world, so it is incorruptible.
Why doesn’t a normal database bring the same provenance?
It is centralised so there is a need for trust. One can erase, when they will, so the ledger is not reliable without all changes recorded.
Why is digital provenance such a great benefit to many businesses?
Oh my, where do I begin:)
No need for trust, all transactions are verified, by countless anons around the world, so incorruptible. 24/7. Finally real transparency for anyone. Not possible to erase anything on the blockchain. No hierarchy. The only thing blockchain does erase is outside of the blockchain the middleman and lot of management jobs, and boy oh boy that is a big win-win for every-one, not in the least for businesses them self.
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blockchain allows Provenance because it is a public ledger in which you can only add data and it is immutable, that is, you cannot change our remove any data from the past and it remains registered on that basis forever, and because it is public we can check all the previous data. So we don’t have to trust, we can verify.
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A normal database does not have the same Provenance because it has several points of failure, such as data centralization, private databases can be manipulated by their owners, so we need confidence to trust data that is not 100% secure. “trust because you have no way to check that trust”
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They can control their network of suppliers / products, where are they are? what state are they ? in case of sensitive products like food etc…
offer products that consumers can verify their origin, (fight counterfeiting)
all of this also with the possibility of auditing in real time and being 100% secure of the data. don’t trust, verify .
in resume, we are facing an innovation, to be explored and the best will certainly take advantage of this technology to put more responsibility in all processes in order to offer the maximum possible value to their customers.
- Provenance is making it possible to Audit the big banks and financial institutions in real time.
- Like the Viking stones Blockchain only allows you to record future transactions but not erase past transactions.
- It will make companies that supply goods be more accountable to what has happened to the product all along the way. When it happened etc…
- Blockchain allows to connect the accounting and the transaction in the same process.
Homework on Provenance - Questions
- How does blockchain enable digital provenance?
It is Public decentralized ledger that provides every transaction that has reached a consensus from it’s inception for anyone to verify while providing the ability to add to it. - Why doesn’t a normal database bring the same provenance?
It usually is centralized, there usually is a central authority, making it opaque, easy to manipulate or only showcase what they want the consumer / individual to see. You have to trust them and usually cannot verify. - Why is digital provenance such a great benefit to many businesses?
Traceability. Cryptocurrency is showing the impact it can have on the financial system and I believe it to be just the beginning. So many applications and implementations are possible.
- Blockchain enables digital provenance by storing all transactions on a digital ledger, which is immutable.
- Normal databases are not decentralized, which enables the owner/controller of the database to modify its content. It is therefore necessary to trust that the owner or anybody else in control of the database is not a bad actor.
- Digital provenance enables businesses to track their assets and interact with third party companies/processes, without having to trust outside actors as everything is traceable and immutable.
- How does blockchain enable digital provenance?
Provenance on the blockchain gives the ability to verify transactions in a trustees way. Provenance can verify all transactions immediately and no longer requires manual auditing from accountants and provides a much more efficient process of auditing. Good bye accountants!
- Why doesn’t a normal database bring the same provenance?
Because they do. It use a trust less process and requires manual verification from a third party. Provenance allows for real time peer to peer confirmations and eliminates 3rd parties that are currently required to verify
- Why is digital provenance such a great benefit to many businesses?
Trust less and real time auditing of transactions almost immediately. Maximising efficiency with the process
- Public ledger lets anybody check all transactions on the ledger. Supply chain visible for all users.
Not able to delete info noly ad. - because its centralized and can be manipulated by the governing body.
- Real time audit. Efficiency for businesses.